The City Council has voted to buy the former Los Angeles County Municipal Courthouse in the 8000 block of 3rd Street for $1.13 million. The 1.04-acre parcel may be developed into theaters and restaurants as a redevelopment project, said Robert Messinger, assistant to City Manager Gerald M. Caton.
The County Board of Supervisors is expected to give final approval to the sale later this month, Messinger said.
The city will loan its Redevelopment Agency $4 million from general city funds to buy the former courthouse and another property at the southeast corner of Lakewood and Firestone boulevards. City redevelopment officials have been negotiating for months to buy the second property from the St. George Greek Orthodox Church. The tentative selling price is about $3 million but negotiations are continuing, Messinger said.
The Redevelopment Agency will eventually pay back the loan from the city with property tax revenue.